The groundnut oil demand in Nigeria showed substantial fluctuations from 2014 to 2023 with growth values recorded in thousand metric tons. Demand increased notably in 2015 by 19.56% after a steady start. The demand faced a minor drop in 2018 by -1.5% and saw a significant decline in 2020 by -16.01%. Recovery followed in 2021 with a 22.26% increase. By 2023, demand was 352.0 thousand metric tons, with year-on-year growth of 1.15% and a compound annual growth rate (CAGR) of 1.42% over the last five years.

Future trends to watch for:

Projected continuous growth in demand with a forecasted CAGR of 0.93% through 2028.
Impact of economic changes and policy reforms on agricultural productivity.
Potential shifts in consumer preferences and dietary habits affecting oil consumption.